Nifty slides below 24,250; media shares under pressure

The benchmark indices extended losses in the morning trade. The Nifty slipped below 24,250 mark. Media stocks declined after rising in the previous trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 617.07 points or 0.77% to 79,734.57. The Nifty 50 index shed 191.95 points or 0.79% to 24,241.25.

In the broader market, the S&P BSE Mid-Cap index slipped 1.46% and the S&P BSE Small-Cap index tumbled 1.74%.

The market breadth was positive. On the BSE, 919 shares rose and 2,699 shares fell. A total of 149 shares were unchanged.

New Listing:

Shares of Emcure Pharmaceuticals were currently trading at Rs 1,350.95 at 10:33 IST on the BSE, representing a premium of 34.02% as compared with the issue price of Rs 1,008.

The scrip was listed at Rs 1,325.05, exhibiting a 31.45% premium to the issue price.

So far, the stock has hit a high of 1,384 and a low of 1,325.05. On the BSE, over 8.89 lakh shares of the company were traded in the counter so far.

Shares of Bansal Wire Industries were currently trading at Rs 340.25 at 10:34 IST on the BSE, representing a premium of 32.91% as compared with the issue price of Rs 256.

The scrip was listed at Rs 352.05, exhibiting a 37.52% premium to the issue price.

So far, the stock has hit a high of 368.70 and a low of 335.85. On the BSE, over 18.88 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media index slipped 2.33% to 1,999.50. The index rose 0.70% in the past trading session.

Nazara Technologies (down 2.43%), TV18 Broadcast (down 2.34%), Network 18 Media & Investments (down 2.24%), Zee Entertainment Enterprises (down 1.92%), Saregama India (down 1.92%), Sun TV Network (down 1.7%), Hathway Cable & Datacom (down 1.4%), Dish TV India (down 1.3%), PVR Inox (down 1.05%) and Tips Industries (down 0.16%) edged lower.

Stocks in Spotlight:

Marathon Nextgen Realty tumbled 4.58% after the companys pre-sales area declined by 45% to 79,239 square feet in Q1 FY25 from 1,43,429 square feet in Q1 FY24.

JSW Steel declined 0.99%. The steel major has reported consolidated crude steel production of 6.35 million tonnes for the first quarter of FY 2024-25, which is lower by 1% as compared with production volume of 6.43 million tonnes posted in Q1 of FY 2023-24.

Delta Corp declined 2.63after the companys consolidated net profit tumbled 68.2% to Rs 21.68 crore in Q1 FY25 as compared with Rs 68.18 crore in Q1 FY24. Revenue from operations dropped 30.32% YoY to Rs 180.65 crore in Q1 FY25.

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